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Asset Retirement Obligations | 9 Months Ended
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Sep. 30, 2017
Asset Retirement Obligation Disclosure [Abstract] |
Asset Retirement Obligations | Note 5—Asset Retirement Obligations The following table summarizes the changes in the Company’s asset retirement obligations (“ARO”) for the nine months ended September 30, 2017 (in thousands):
Asset retirement obligations at January 1, 2017 | $ | 7,226 |
Additional liabilities incurred | 1,813 |
Liabilities settled | (65 | )
Accretion expense | 376 |
Revision to estimated cash flows | (22 | )
Asset retirement obligations at September 30, 2017 | $ | 9,328 |
ARO reflect the present value of the estimated future costs associated with the plugging and abandonment of oil and natural gas wells, removal of equipment and facilities from leased acreage and land restoration in accordance with applicable local, state and federal laws. Inherent in the fair value calculation of ARO are numerous assumptions and judgments including the ultimate settlement amounts, inflation factors, credit adjusted discount rates and timing of settlement. To the extent future revisions to these assumptions impact the value of the existing ARO liability, a corresponding offsetting adjustment is made to the oil and natural gas property balance.

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- Definition The entire disclosure for an asset retirement obligation and the associated long-lived asset. An asset retirement obligation is a legal obligation associated with the disposal or retirement from service of a tangible long-lived asset that results from the acquisition, construction or development, or the normal operations of a long-lived asset, except for certain obligations of lessees. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 410 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=2175671 + Details
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